Ronny Cox opened a photography and portrait studio on July 1, 2018. Thestudiocompleted the following transactions during the month July, 2018:

July 1:

Opened the business by depositing 25,000 in a bank account in the name of the business in exchange for 2,500 shares at a nominal value of 10 each.

July 1:

Paid two months' rent in advance for a studio, 2,600 (i.e. 1,300 per month).

July 1:

Purchased photography equipment for 12,000 with a bank loan with 12% interest annually.

July5:

Ordered additional photography equipment, 7,500.

July 12:

Purchased photography supplies on credit, 2,200.

July 13:

Received and paid for the photography equipment ordered on July 5.

July 14:

Received cash for portraits taken, 2,000.

July 17:

Billed customers for portraits taken, 2,700.

July 18:

Accepted misshapen portraits from July 17 for full credit, 200. This implies that theinvoice of July 17 is reduced by 200.

July 19:

Paid for half of the supplies purchased on July 12.

July25:

Paid the electricity bill for July, 200.

July28:

Received payments from the customers billed on July 17, 1,000.

July29:

Paid wages to assistant for worked hours in July, 400.

July 30:

Received an advance payment from a customer for work to be done in August, 200.

July31:

Declared and paid a cash dividend of 500.